Greek debt is "trading" at about a 450 bps spread, although "trading" is a charitable term considering there are few bids in the market. I think that some commentators do not believe in the US stock market recovery as there has been no structural reform whatsoever, and they would like to believe that the US economy cannot "move forward" until it has been fundamentally fixed. This is not true.
I do think that the fundamental issues in the Eurozone, of governance and operations, truly must be solved to avoid a sovereign debt default, and a second credit crises as more bank capital gets written down. Greece, fundamentally, needs a fiscal fill-up, and I do not believe that the Eurozone has any mechanism to allow this. Gold bugs -- here might be your Mellonist moment!
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